Posner Property Value Decreased To $17 Million

June 17, 1986|By Rick Pierce, Staff Writer

The assessment on the Hallandale beachfront property owned by financier Victor Posner was reduced Monday by more than $30 million, a move expected to help the state acquire the parcel and convert it into a park.

``It`s totally surrounded by concrete,`` said County Commission Vice Chairman Howard Forman. ``It`s the last open piece of beach in Broward County left to purchase.``

Broward`s Property Appraisal Adjustment Board, which consists of three county commissioners and two School Board members, decided that the nine acres should be worth $17 million for tax purposes. Earlier, the county Property Appraiser`s Office had assessed the site at $47.4 million.

The reduced assessment serves a dual purpose. It makes the tract more affordable. And it underscores the fact that an earlier purchase offer by the state and a special master`s appraisal -- both valued the property at $16 million -- were close to the actual value.

At one point, County Commissioner Nicki Grossman went so far as to tell Posner`s attorney, Ira Elegant, that if they were offered between $17 million and $21 million for the property ``you really ought to take it.``

Last September, the state Department of Natural Resources offered Posner $16 million for the nine acres and an adjacent three acres. Posner ignored the offer.

At the time of the state`s offer, the county Property Appraiser`s Office had valued the nine acres alone at $47.4 million. That figure was based on Posner`s original plans to put 1,500 condominiums on the site.

But the appraisal board agreed with Elegant that current city regulations would never permit such a large development. Posner could now build only 236 condominiums.

While the appraisal board`s ruling may help to acquire the property, the reduced assessment means that the city, county and school system will lose about $600,000 annually in taxes. The board, however, is not allowed by law to consider the lost revenue in making its decision.